Galaxie

A DAO creation tool where users can create their own no loss crowdfunding groups, vote on proposals and connect with likeminded people

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Inspiration

As crypto investors members of our team have been the victim of rug-pulls and scams. Crypto is very complicated and not for low information customers. We wanted to a create a way to on board crypto newbies into creating, joining and participating in an NFT based DAO. By creating simple no code solutions for creation while also offsetting the risk of rug-pulls and scams via a no loss DAO treasury. At the same time we provide staking members an alternative to save their funds and earn community clout as a reward.

What it does

  • Our infrastructure enables DAOs and their members to:
  • Stake USDC to receive an NFT membership, unstake and burn your token. A limited amount of staking positions set by each DAO.
  • Create no loss DAO treasury for crowdfunding, using DAO members yield from staked USDC
  • Level up your membership NFT and earn voting weight by the amount of time you are staked.
  • Vote on yield-only proposals/initiatives to fund what interests you.
  • Built in DAO protections such as dynamic NFTs which convert into NTTs and prevent you from un-staking funds immediately after you receive a payout.
  • Stake in USDC and get paid out in your choice of tokens or native Crypto i.e, Ethereum.
  • Create custom DAO memberships for social, non-profit and business purposes with no-code templates.
  • Use on-chain elections to select winning proposals giving them aUSDC Yield as a reward
  • The ability to propose, vote and communicate on the same interface.

How we built it

Using the AAVE protocol we allowed people to stake their USDC, receive an NFT membership to a DAO and sent the cumulative yield to the DAO treasury. With our own built in accounting system we were able to issue rewards out of this yield pool to proposal winners. Proposals are elected by highest vote count via on chain elections every week. We used Uniswap solidity API to give the users a choice in which tokens they wanted to be paid out in, in our case it is WETH or USDC (a speculative and non-speculative asset). We used Chainlink Automation to automate the DAO process of selecting winning proposals and paying the user out once their proposal went through. We also implemented filecoin to store the URI metadata for each NFT membership in the DAO. In the future we'd like add features like a wider selection of tokens for both staking and earning in

What we learned & Challenges

Building complicated defi protocols is challenging because of limited testnet options. For example, AAVE, USDC on Goerli is not directly transferable to testnet Goerli USDC on Uniswap. It's really hard to test with yield for AAVE. At current rates it takes a couple days for their to be enough yield to transfer or swap out of the protocol. Especially when deploying daos on the go for a rapid demo. In the future, we would look for a viable testnet solution.

For our demo we had to fund the contract with additional funds because yield from AAVE was not being generated fast enough.

The tech that powers Galaxie

Solidity, Chainlink, AAVE, Polygon, Typescript, React, Filecoin, Uniswap, Javascript, Remix

What's next for Galaxie

There are additional features that create a better UX, and we plan to work on making the platform/marketplace more desirable, feasible and viable. This was the first iteration and we wanted to get the foundation built for this hack. Below our mission and vision explain what the future will hold.

Vision

Galaxie incentivizes DAOs to become more conscious, social and purposeful with its treasuries. We envision Galaxie to facilitate DAOs becoming an asset-generating utility with direct contributor influence at no loss to contributors’ original stake with DAOs.

Mission

Galaxie’s mission is to…

  • Shrink the barrier so anyone can understand and utilize the power of DAOs and stake in an accessible way, firstly with USDC.
  • Allow DAO members to earn voting power by the amount of time staked in a DAO.
  • Support DAO memberships to vote and distribute treasury interest/yield to support/fund various people, projects and events.
  • Build an ecosystem where all interactions are housed within Galaxie, creating a simplistic and central experience for users to check their DAO memberships.

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